The benefit sharing regime of the International Seabed Authority

Abstract

The member states of the International Seabed Authority are currently negotiating a comprehensive code for deep seabed mining in areas beyond the limits of national jurisdiction. This study aims to take a holistic approach to the problems of equitably balancing the economic and financial benefits that may arise under the law of the sea. We present the legal requirements, analyse the issue of benefits from resource extraction against the specific requirements of the common heritage of mankind and present the approach to the payment mechanism negotiated so far. In addition, a common picture of the future is sketched in an integrated and comprehensive way so that the decisions are accepted as just and fair.